New highs in rent growth were seen for both new resident leases and for renewal leases.
April 2015, total lease-over-lease rent growth nationally measured 6.1% — well above the 2011 peak of 5.3 percent. And New leases surged 7.8 percent.
New lease rent trade-out is highly seasonal. April is an especially important month, being the start of the peak leasing season.
Most property managers strategically schedule the bulk of their leases to expire in spring and summer months, when demand is strongest.
The results to date continue to show the impressive depth of demand for apartments, even with rising rents and record levels of new supply in markets all across the country. Neither headwind has proven to be as formidable as anticipated. As additional proof: Apartment resident turnover remains low.